Each title insurance agency licensed to do business in this state shall maintain and submit information, including revenue, loss, and expense data to the Office of Insurance Regulation (OIR) to assist in the analysis of title insurance premium rates, title search costs, and the condition of the title insurance industry in this state. This information must be transmitted to the office annually after the reporting year.
The first report is to be submitted no later than June 1, 2015 and it is to include the information collected from January 1 through December 31, 2014 for each title insurance agency. Failure to submit the data required timely could result in the suspension of that title agency's license.
Additional information about the title data call may be found on the website for the Office of Insurance Regulation at http://www.floir.com/Office/Reporting.aspx#Title.
The latest version of the forms to be used for the data call can be found on the website for the OIR.
To assist title insurance agencies in properly responding to the OIR, the Florida Land Title Association (FLTA) is sponsoring educational webinars on the data call. These webinars are open to all members of the title insurance industry regardless of membership in the association. Please visit the FLTA website at www.flta.org for more information and the schedule of the webinars.